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Darling to set out Rock options Darling to set out Rock options
(20 minutes later)
Chancellor Alistair Darling is to outline the government's stance on the possible sale of Northern Rock.Chancellor Alistair Darling is to outline the government's stance on the possible sale of Northern Rock.
The government has given the bank emergency funding amid fears potential private buyers could need more loans.The government has given the bank emergency funding amid fears potential private buyers could need more loans.
The bank's shares collapsed after it was forced to seek emergency funding from the Bank of England in September.The bank's shares collapsed after it was forced to seek emergency funding from the Bank of England in September.
Two suitors, Virgin Group and investment firm Olivant Advisers, have both submitted their proposals to rescue the bank.Two suitors, Virgin Group and investment firm Olivant Advisers, have both submitted their proposals to rescue the bank.
Mr Darling is due to unveil a "statement of principles" to MPs that will guide the government's approach to Northern Rock, the Treasury said.Mr Darling is due to unveil a "statement of principles" to MPs that will guide the government's approach to Northern Rock, the Treasury said.
But a binding offer is seen as unlikely to emerge until the Treasury makes clear whether it will extend its £24bn credit lifeline beyond February, when the emergency funding is due to be withdrawn.But a binding offer is seen as unlikely to emerge until the Treasury makes clear whether it will extend its £24bn credit lifeline beyond February, when the emergency funding is due to be withdrawn.
Assurances soughtAssurances sought
BBC political correspondent Norman Smith says no option has been ruled in or out by the Treasury, which will not say whether it wants the bank sold, whether they will provide more money, or whether taxpayers will get all their money back. BBC political correspondent Norman Smith says no option has been ruled in or out by the Treasury, which will not say whether it wants the bank sold, whether it will provide more money, or whether taxpayers will get all their money back.
Northern Rock still has around £100bn worth of assets, our correspondent added.Northern Rock still has around £100bn worth of assets, our correspondent added.
The Liberal Democrats have renewed their call for the bank to be nationalised, stabilised and then sold off, because they say the directors and shareholders have no interest in safeguarding taxpayers' money.The Liberal Democrats have renewed their call for the bank to be nationalised, stabilised and then sold off, because they say the directors and shareholders have no interest in safeguarding taxpayers' money.
The Tories are also demanding assurances taxpayers' money is being safeguarded.The Tories are also demanding assurances taxpayers' money is being safeguarded.
Reports suggest Treasury advisers were working on plans to extend the bank's emergency funding.Reports suggest Treasury advisers were working on plans to extend the bank's emergency funding.
The government has a number of options when it comes to Northern Rock's future - it could let the bank go into receivership, seek a private buyer, or take it over itself.The government has a number of options when it comes to Northern Rock's future - it could let the bank go into receivership, seek a private buyer, or take it over itself.
Shareholder objectionsShareholder objections
The Treasury has dismissed the idea of the government taking control of the bank at this stage.The Treasury has dismissed the idea of the government taking control of the bank at this stage.
Meanwhile, Northern Rock's biggest shareholders are reported to have said the sale of the bank should be stopped.Meanwhile, Northern Rock's biggest shareholders are reported to have said the sale of the bank should be stopped.
RAB Capital and SRM Global, two hedge funds that own for 13% of the bank's shares, argue that forcing a quick sale or break up of the bank would allow Northern Rock to be bought on the cheap.RAB Capital and SRM Global, two hedge funds that own for 13% of the bank's shares, argue that forcing a quick sale or break up of the bank would allow Northern Rock to be bought on the cheap.
Northern Rock has already announced its chief executive, Adam Applegarth, is to step down in the New Year, and that four non-executive directors were to resign immediately.Northern Rock has already announced its chief executive, Adam Applegarth, is to step down in the New Year, and that four non-executive directors were to resign immediately.
At the same time, four board directors stood down from the board but have remained with the firm.At the same time, four board directors stood down from the board but have remained with the firm.